New York Department of Financial Services Implements and Clarifies Loan Forbearance Executive Order
Following New York Governor Cuomo’s March 21, 2020 Executive Order (the “Executive Order”) temporarily requiring (through April 20, 2020) that certain New York state-regulated financial institutions grant 90-day forbearance relief to certain borrowers financially impacted by the coronavirus disease 2019 (“COVID-19”) pandemic, the New York Department of Financial Services (“NYDFS”) issued emergency regulations (the “Regulations”) on March 24, 2020 to implement the Executive Order.